An outside review of New York's $178 billion pension fund for public workers shows it has been managed responsibly for the past three years but needs more staff and higher pay to continue the quality performance and cut costs for outside advisers.
The second review of the Common Retirement Fund since it was rocked by a pay-to-play scandal says it continues to meet ethical and conflict-of-interest standards.
Michigan-based Funston Advisory Services has conducted both reviews.
New York Comptroller Thomas DiNapoli, the fund's sole trustee since the 2007 scandal, said Thursday the mandated periodic reviews help ensure the problem doesn't recur.
The fund covers more than 1 million workers and beneficiaries. It has 37 people on the investment staff and paid $561 million in management fees last year.
© 2016 Associated Press
